Two energy explorers whose stocks outperformed the broader market in 2022—a monster year for the sector—are slumping this year, but insiders at both companies recently bought up shares.
(ticker: COP) and
shares (DVN) soared 63% and 40%, respectively, in 2022, trouncing the
S&P 500 index
which dropped 19%. The
Energy Select Sector SPDR
exchange-traded fund (XLE)—which includes both ConocoPhillips and Devon as components—leapt 58% in 2022.